Is cryptocurrency the new gold? Sponsored by SAP
with a major cloud ERP provider for digital accounting solutions, I get the distinct feeling that cryptocurrency is set to play a significant long-term role in the world’s financial system and in our lives.
Incidentally, the warehouses that stored large volumes of bulky coins became the first banks. As paper grew in popularity, the government outlawed it and surprisingly thereafter, issued its own notes as legal tender and the world’s first real national paper money was born. When the US Dollar was removed from the Gold Standard in 1977 a lot of leading economists and bankers were nervous. If that $50 dollar bill in your pocket was no longer exchangeable for ‘real’ gold, they thought, there might be widespread panic and a collapse of the monetary system. Nothing of the sort happened and the US Dollar has been the stable basis of a large part of the world’s economic growth for half a century now.
Digital currency is simply the digital representation of a national fiat currency issued and controlled as legal tender by a central bank. Cryptocurrency on the other hand is usually created privately in a securely encrypted blockchain network where the value is simply based on supply and demand. Gold, however, is mined and its value is based on supply and demand.
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